A Dundee cable manufacturing firm has handed control and ownership of the business to its employees.
ICS2 Cables achieved its second best year despite managing supply shortages affected by the pandemic.
The West Pitkerro Industrial Estate based firm develop subsea, 5G telecoms, access control, automotive and industrial cables.
Owners Paul Munro, Ian Johnston and Jeff Smith, felt adopting employee-ownership was in the best interests of the company’s staff and customer base.
Employee ownership way forward
The owners are transferring 100% of the business to an employee ownership trust (EOT) and its 18 members of staff.
Managing director Paul Munro said: “Over the years we have honed our craft and skill to form relationships with our customers.
“This is down to our highly trained and trusted team of employees.
“Both myself and Ian are looking to step down in our positions over time, with Jeff focusing on his other business.
“ICS2 previously received interest from a similar company in England, but it suggested it would move operations down south.
“We were not prepared to do that for the sake of our team and the local area.
“From there we looked at alternative options, and we quickly realised an EOT was the way forward.”
ICS2 Cables committed to Dundee
Established in 2002, ICS2 Cables was originally based in Glenrothes, Fife.
It moved to larger premises in Dundee after initially looking to purchase additional machinery from an existing manufacturing facility.
Before its fifth anniversary, the company was achieving more than £1 million in turnover.
Since then, it has continued to grow with its products in use globally.
The existing management team will look to build on the historic success of ICS2 Cables.
ICS2 Trustee Laura Munro is responsible for the company’s quality systems as part of the management team.
She said: “Adopting employee ownership will protect the interests of the team while also allowing ICS2 Cables to achieve new levels of performance across the business.
“Setting up an EOT has been a valuable learning experience for everyone, it’s like pressing the ‘fast forward’ button.
“We remain focused on the future opportunities that lay ahead for this innovative and growing business.”
‘Dundee has lost too many businesses’
The idea was put to the firm by EQ Accountants and working with Thorntons solicitors and Ownership Associates, ICS2 Cables developed an EOT.
Carole Leslie of Ownership Associates said: “When we announced the plans to the employees they were relieved there would be continuity and stability for themselves and the company.
“Dundee has lost too many manufacturing businesses over the years.
“It’s great to know ICS2 is committed to the area for the long-term.”